BEIJING, Feb. 25 (Xinhua) -- Chinese authorities on Monday unveiled a plan to promote development of the intelligent vehicles, which many brokers expect may generate about 10 trillion yuan of investment, the Xinhua-run Shanghai Securities News reported.
According to the plan, China aims to basically form the systems of technological innovation, industrial ecology, infrastructure, regulations and standards, product supervision and network security for the intelligent vehicles by 2025.
The development of intelligent vehicles is not only conducive to accelerating the transformation and upgrading of the automobile industry, but also to strengthen the country's strength in manufacturing, network, transportation and other fields, said the plan.
"This is an iconic event, meaning that the Internet of Vehicles (IOV) industry will usher in a major opportunity for rapid development," said Wu Dongsheng, senior vice president of Gaoxin Technology Group Co., Ltd. (300098.SZ).
The plan is not only to guide and promote development of the automobile industry, but also to accelerate development of such industries as electronics, 5G, cloud computing, and big data, according to a person in charge of a car company in an interview with Shanghai Securities News.
TF Securities (601162.SH) estimated that compared to the traditional car, an intelligent vehicle will add hardware purchase amount of at least 3,000 U.S. dollars. It means that the country's more than 20 million new vehicles a year will generate 60 billion U.S. dollars of hardware purchases, implying a huge market.
Qianzhan Industry Research Institute forecast that the driverless cars will see a market of 200 billion to 1.9 trillion U.S. dollars by 2025, and the global driverless car sales will reach 11.8 million units by 2035, of which China will have a share of 24 percent.
It is worth noting that the development of intelligent vehicles is expected to drive a new round of investment opportunities.
The plan proposes that a new generation of vehicle communication wireless networks (5G-V2X) will be gradually applied in some cities and expressways.
Essence Securities estimated that by the end of 2018, the country's highway mileage had been 4.85 million kilometers. If the IOV infrastructure starts from the expressways and gradually covers the national highways, the upgrade cost is expected to reach the level of 10 trillion yuan. (Edited by Hu Pingchao, hupingchao@xinhua.org)
A single purchase
